Introducing - Investor Relations Solutions

2014

ANNUAL REPORT

Introducing

CHARTER SPECTRUM IS HERE

TM

Unrivaled picture clarity with 200+ HD channels Internet Speeds starting at 60 Mbps The most advanced voice features available

TV Over 200 HD channels available Access to thousands of On Demand choices, including movies in 3D Download the Charter Spectrum TV App and watch over 150 channels on your mobile devices

Internet Internet Speeds starting at 60 Mbps, enough bandwidth to power all your devices The fastest In-home WiFi Simultaneously stream videos, download music and more without sacrificing your Internet performance

Voice Unlimited local and long distance calling in the U.S., Canada, Puerto Rico, Guam and the U.S. Virgin Islands No added fees like the phone company charges Includes Voicemail and many popular calling features

A Fortune 500 company and one of the nation’s largest cable operators, Charter Communications, Inc. provides advanced TV, Internet and Voice services to more than 6 million homes and businesses across 28 states. We connect our customers to the world through a superior high-capacity network, advanced technologies and the unwavering commitment of our approximately 23,000 employees to deliver outstanding service. Charter currently offers advanced cloud-based cable television, Video On Demand titles, fully-featured telephone service and Internet speeds that are among the nation’s fastest. Our commercial services unit, Spectrum Business®, provides scalable, tailored and cost-effective communications solutions to businesses of all sizes, including Internet access, data networking, business telephone, video/music entertainment services and wireless backhaul. Charter Media® provides a full range of innovative advertising sales and production services. Charter is headquartered in Stamford, Connecticut and trades on the NASDAQ Stock Market under the symbol CHTR. For more information, please visit Charter.com.

Charter Communications 2014 Annual Report1

WELCOME TO A BIGGER, FASTER, MORE POWERFUL WORLD 2014 Accomplishments:

Successfully Completed All-Digital Initiative Completed our two-year all-digital initiative, unleashing the full capability of our two-way interactive network Our high-capacity network is now unburdened by analog signals, allowing us to offer more advanced products and services for years to come

Introduced Charter Spectrum™ Rolled out Charter Spectrum, an industry-leading suite of video, data, and voice services, across our entire footprint Charter Spectrum continues to gain momentum, with over 80% of our residential customers now receiving Spectrum products

1

Accelerated Revenue and Adjusted EBITDA Growth Grew both revenue and Adjusted EBITDA by 8.2% on a pro forma2 basis versus 2013, when revenue and Adjusted EBITDA grew by 5.0% and 2.9% on a pro forma basis, respectively

Drove Greater Customer Growth Charter grew residential customer relationships by 280,000 or by 5% versus 2013, when Charter grew its residential customer base by 172,000, or 3.2%, on a pro forma basis Charter added 532,000 total residential PSUs versus a pro forma gain of 415,000 in 2013 1

See use of Non-GAAP Financial Measures on page F-47 of this report.

2

Pro forma results reflect certain acquisitions of cable systems in 2013 as if they occurred as of January 1, 2012.

2Charter Communications 2014 Annual Report

THOMAS M. RUTLEDGE

President and Chief Executive Officer

DEAR SHAREHOLDERS, y completing our all-digital initiative in 2014

B

customer and market share growth. We added

as planned, we have unleashed the full

291,000 new residential and business customers

capability of our high-capacity two-way interac-

in 2014, increasing our customer base by 4.9%

tive network. We now have the bandwidth to

over 2013. We now reach more than 6.2 million

offer more advanced products and services

homes and businesses with our services. In turn,

to existing and future customers, including our

our revenue and Adjusted EBITDA1 growth

new product suite, Charter Spectrum, which has

accelerated through the year. Revenue of $9.1

been launched across our entire footprint.

billion and Adjusted EBITDA of $3.2 billion each rose 8.2% on a pro forma2 basis, year over year.

Charter Spectrum delivers a video product with more HD channels than satellite, with full Video

As we begin 2015, we remain focused on three

On Demand functionality on every video outlet

key areas: execution of our market share growth

in the home. Our Internet product is faster than

strategy, the contin-

the competition in the vast majority of our foot-

ued improvement and

print, with a minimum speed offering of 60 Mbps.

development of our

And over time, our Internet speeds will get much

products and services,

faster. We combine these superior video and

and closing and inte-

Internet products, with a fully featured voice

grating the transac-

product, and sell them together at a highly

tions we announced

competitive price point.

with Comcast in April

Revenue (in millions) $9,108 $8,017

$8,419

of 2014. That value-rich product offering, combined with our growing service capabilities, is driving our 2012

2013

2014

Pro forma for certain acquisitions as if they occurred on January 1, 2012.


“By completing our all-digital initiative in 2014 as planned, we have unleashed the full capability of our high-capacity two-way interactive network. We now have the bandwidth to offer more advanced products and services to existing and future customers” Charter Spectrum is gaining momentum in the

With our network now fully digitized, we

marketplace, with over 80% of our residential

will accelerate the development of more

customers now receiving Spectrum products.

advanced products and services. In 2015, we will

Our sales, marketing, customer care and field

introduce Spectrum Guide, our new cloud-based

operations are heavily focused on driving addi-

user interface, across much of our footprint.

tional customer growth and product penetration

This advanced user interface makes video

in 2015. Our expectation is that Charter will grow

content search and discovery easier and more

customers across each of our Spectrum product

enjoyable, and it fully enables our Video On

lines this year, including video.

Demand offering. Spectrum Guide has been designed to function on nearly all of our eleven

Our ability to deliver superior service, one of our

million deployed set-top boxes, regardless of

largest value drivers, has improved significantly

their age or processing power. And because it

in the past year. And we continue to focus on

is cloud-based, this new user interface can be

building our expertise in this area. Better service

updated or refreshed at any time, at low cost.

starts by offering highly valued products at competitive prices and by making Charter more

In 2015, we will also introduce our new set-top

convenient and efficient for customers to

box, which we call, Worldbox. This smaller, more

with.

capable box is interoperable with all of our leg-

We have invested in,

acy video platforms and can be sourced from

and

an

multiple vendors, reducing costs. Worldbox also

s e r vi c e

provides additional flexibility as our network and

infrastructure increas-

services evolve. We will also be launching WiFi

ingly managed by our

hot spots (Spectrum WiFi) for our residential

own employees, and

customers at Spectrum Business locations in

our own IT and net-

2015. These hotspots will provide additional

work platforms. The

value to our Internet customers when they are

launch of these inter-

outside the home and lay the foundation for

nal

additional wireless offerings.

do Adjusted EBITDA (in millions) $3,190 $2,864 $2,948

2012

2013

business

developed,

i n s o u rc e d

2014

See Use of Non-GAAP Financial Measures on page F-47 of this Annual Report. Pro forma for certain acquisitions as if they occurred on January 1, 2012.

and

customer-

facing platforms, and their success, is a

We continue to see major growth opportunities

reflection of our service-

in the commercial telecom marketplace. As we

oriented culture.

look to serve the unique needs of this market


Residential & Commercial Customers (in thousands) 5,730

5,936

6,227

and further accelerate

markets we will serve. Our 33% stake in

our

share

GreatLand Connections will also benefit both

growth, we have cre-

GreatLand and Charter via a two-way services

ated two distinct ser-

agreement between the two companies, provid-

vice groups: One, to

ing significant operational and financial benefits

serve the small and

for each operator.

market

medium business segment, and another for

Over the past three years, we have demon-

enterprise and carrier

strated the growth potential of our operating

customers. With the

strategy. As we look to the balance of 2015, we

creation of these two

remain well-positioned to maintain our operat-

service groups, we

ing growth momentum by delivering superior

can deliver additional

products, developing new products and inte-

value to customers by

grating new assets into our business. And with

launching new products and pricing that are

all-digital complete, the capital intensity of our

more tailored to customer segments and individ-

operations in our retained footprint will decline

ual customer needs.

significantly—demonstrating Charter’s signifi-

2012

2013

2014

Pro forma for certain acquisitions as if they occurred on January 1, 2012.

cant free cash flow potential and driving value Our third key objective in 2015 is to close the

for our shareholders.

transactions we announced with Comcast in April of 2014, and the integration of the assets

We appreciate your interest and support and I

we acquire, into Charter. The addition of these

would like to thank our dedicated employees,

new service areas enhances our scale and foot-

who are the key to our success. We look forward

3

print and brings significant operational and

to the continued execution of our long-term

financial benefits to Charter. We will be applying

operating plan, which will create additional ben-

the same operating strategy that Charter

efits for our customers and greater returns for

launched in 2012 to this larger base of custom-

our shareholders.

ers, bringing additional value and services to the Best Regards,

“With all-digital complete, the capital intensity of our operations in our retained footprint will decline significantly—demonstrating Charter’s significant free cash flow potential and driving value for our shareholders.”

Thomas M. Rutledge President and Chief Executive Officer Charter Communications February 24, 2015

1

See use of Non-GAAP Financial Metrics on page F-47 of this Annual Report. Pro forma results reflect certain acquisitions of cable systems in 2013 as if they occurred as of January 1, 2012. 3 See page 6 of this Annual Report for a map of Charter’s footprint pro forma for the Comcast transactions. 2


Benefits of Transactions with Comcast

Enhances Scale & Footprint • Charter will own systems with 5.6M video customers and service areas with 8.1M video customers1 • Charter and GreatLand will be the leading cable operators in 10 states • New footprint will be more logically distributed, driving operational synergies, including more efficient use of mass marketing 1

33% Ownership Stake in GreatLand Connections Drives Operational & Financial Benefits

Fair Valuation • All transactions (i.e., sale, swap and GreatLand transaction) to be valued at an enterprise value/2014E Carveout EBITDA of 7.125x

• Management services agreement between Charter and GreatLand will enhance local service capabilities • Service fee to Charter of 4.25% of GreatLand revenue

Charter customer counts as of 12/31/2014 and include residential and commercial customers based on its reporting methodology. TWC and GreatLand customer counts as of 12/31/2014 based on respective TWC and Comcast reporting methodologies, where there may be small definitional differences.

Pro Forma Charter Communications and GreatLand Connections Footprint

GreatLand Connections Pro Forma Charter


THIS IS WHAT HAPPENS WHEN A CABLE COMPANY INVESTS BILLIONS OF DOLLARS IN ITS NETWORK. Now you get over 200 incredible highdefinition channels. So the details you never knew existed will reveal themselves in stunning, unparalleled, uncompromised beauty. Your high-speed Internet will be transformed, blasting you with speeds that start at 60 megabits per second.


Operating Summary

Financial Information Actual

Pro Forma

2014

2013

$ 9,108 $ 3,190 $ 971 $ 171 $ 2,221 $ 110.89

$ 8,419 $ 2,948 $ 945 $ 409 $ 1,854 $ 108.21

Actual 2014

Actual 2013

Residential customer relationships Commercial customer relationships

5,841 386

5,561 375

Total customer relationships Residential non-video customer relationships Single Play Penetration Double Play Penetration Triple Play Penetration

6,227 1,681 38.0% 29.1% 32.8%

5,936 1,384 37.6% 29.8% 32.6%

4,160 4,766 2,439

4,177 4,383 2,273

11,365

10,833

Video Internet Phone

133 306 180

165 257 145

Commercial primary service units

619

567

For the year ended December 31, (in millions, except ARPU data)

Revenue Adjusted EBITDA* Income from operations Actual free cash flow* Capital expenditures Revenue per customer relationship

Operating Statistics Approximate as of December 31, (in thousands, except penetration data)

Customers:

Services and Revenue Generating Units: Residential Video Internet Phone Residential primary service units

Commercial

Video Services: Estimated video passings Video penetration of estimated video passings Digital penetration of video customers

12,871 33.4% 98.5%

12,838 33.8% 91.8%

12,570 40.4%

12,505 37.1%

12,079 21.7%

11,934 20.3%

Internet Services: Estimated Internet passings Internet penetration of estimated Internet passings

Voice Services: Estimated voice passings Voice penetration of estimated voice passings

*See use of Non-GAAP Financial Metrics on page F-47 of this Annual Report. All financial information is on a pro forma basis except free cash flow, which is on an actual basis. Pro forma results reflect certain acquisitions of cable systems in 2013 as if they occurred as of January 1, 2012.


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